SM Prime raises $350M from dollar bond offer

SM Prime Holdings Inc. successfully raised $350 million from its inaugural dollar-denominated bond offer as part of its $3-billion Euro Medium Term Note (EMTN) program.

The notes, which carry a yield of 4.75 percent and mature in five years, were nearly thrice oversubscribed with final demand reaching over $990 million.

These notes will be listed on the Singapore Exchange Securities Trading Ltd. and were distributed primarily to high-quality global accounts, with 91% going to Asia and 9% to Europe, Middle East and Africa.

SM Prime president Jeffrey Lim stated that this drawdown allows the company to tap the market at an opportune time to support future projects and strategic initiatives.

Additionally, SM Prime intends to raise up to P20 billion through a retail bond offering in the fourth quarter to refinance maturing debt.